NewAlpha and Woori Asia seeding fund makes first investment

NewAlpha and Woori seed Singapore-based Asia equity long/short hedge fund

NewAlpha Asset Management and Woori Absolute Partners (WAP) have agreed their first joint seeding deal with a Singapore-based hedge fund.

French seeder NewAlpha and Singapore-based alternatives platform WAP launched the Woori NewAlpha Fund in November 2012 to invest in emerging managers in Asia.

The fund currently has assets under management (AUM) of $50 million from Woori and NewAlpha's parent companies, Woori Investment and Securities and OFI Group, respectively. The goal is to have AUM reach